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In what situation revalution account is …

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In what situation revalution account is prepared?

Posted by Abbishek Rai 6 years, 11 months ago

CBSE > Class 12 > Accountancy

2 answers

Pragya Bhatt 6 years, 11 months ago

It can be prepared in following situations - : 1 when there is change in profit sharing ratio among existing partners. 2 when a new parntner is admitted. 3 at retirement or death of a partner

Yogita Ingle 6 years, 11 months ago

A Revaluation Account is prepared in order to ascertain net gain or loss on revaluation of assets and liabilities and bringing unrecorded items into books. The Revaluation profit or loss is transferred to the capital account of all partners including retiring or deceased partners in their old profit sharing ratio.

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